Tax - As applied to real estate, an enforced charge imposed on persons, property or income, to be used to support the State. The governing body in turn utilizes the funds in the best interest of the general public.
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Tax Lien - A claim against property or a person in the amount that is due on unpaid real estate or federal income taxes.
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Tax Service Fee - A fee payable for an independent agency utilized by lenders to insure property taxes are paid each year.
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Tenant in Common - Two or more entities owning an undivided interest in real estate. The interests need not be equal, and, in the event of the death of one of the owners, no right of survivorship accrues to the remaining owners, but the property passes to the decedent's heirs.
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Tenants by the Entireties - A form of ownership by husband and wife whereby each owns the entire property. in the event of the death of one, the survivor owns the property, without probate.
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Term - The period of time between the commencement date and termination date of a note, mortgage, legal document, or other contract.
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Title - As generally used, the rights of ownership and possession of particular property. In real estate usage, title may refer to the instruments or documents by which a right of ownership is established (title documents), or it may refer to the ownership interest one has in the real estate.
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Title Agency - Similar to other insurance agents, a title agency is authorized to issue title policies and prepare documents in connection with transactions for which it issues policies. Staff members of the title agency do not represent either party and cannot give legal advice.
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Title Commitment - Also called "binder." A document issued by a title insurance company that contains the conditions under which a policy of title insurance will be issued.
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Title Covenants - Covenants ordinarily inserted in conveyances and in transfers of title to real estate for the purpose of giving protection to the purchaser against possible insufficiency of the title received. A group of such covenants known as "common law covenants" includes: covenants against encumbrances; covenants for further assurance (in other words, to do whatever is necessary to rectify title deficiencies); covenants of good right and authority to convey; covenants of quiet enjoyment; covenants of seisin (possession); covenants of warranty. (See Warranty or Covenant.)
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Title Defect - Any legal right to a property claimed by a person other than the owner. Examples include unpaid real estate taxes or claims to the property such as those of an unknown heir.
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Title Exception - A specified item appearing in a title policy against which the title company does not insure.
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Title failure - Any circumstance that defeats the right of whole ownership of property by the owner of record.
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Title Insurance - Protects lenders or homeowners against loss of their interest in property due to legal defects in title. Title insurance may be issued to a "mortgagee's title policy." Insurance benefits will be paid only to the "named insured" in the title policy, so it is important that an owner purchase an "owner's title policy", if he desires the protection of title insurance.
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Title Insurance Fees - Fees charged to provide insurance which protects the insured from claims which may arise by reason of defects in the title of the property. There are two types of title insurance: (1) Owner's Title Insurance, which protects the owner(s) against title defects and is usually written for the total purchase price (value) of the property; (2) Mortgagee Title Insurance, which protects the lender from title defects and is usually written for the amount of the loan.
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Title Plant - Also called "abstract plant" in some areas. A geographically filed assemblage of title information that helps in expediting title examinations, such as copies of previous attorneys' opinions, abstracts, tax searches and copies or take-offs of the public records.
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Title search - A careful exploration and perusal of the public records in an effort to find all recorded instruments relating to a particular chain of title for real property.
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Title Search or Examination - A check of the title records, generally at the local courthouse, to make sure the buyer is purchasing a house from the legal owner and there are no liens, overdue special assessments, or other claims or outstanding restrictive convenants filed in the record, which would adversely affect the marketability or value of title.
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Trust - A fiduciary relationship in which one person (the trustee) is the holder of the legal title to property (the trust property) subject to an equitable obligation (an obligation enforceable in a court of equity) to keep or use the property for the benefit of another person (the beneficiary).
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Trust Deed (Trustee's Deed) - (1) An instrument used in many states, taking the place and serving the uses of a common-law mortgage, by which the legal title to reap property is placed on one or more trustees, to secure the repayment of money or the performance of other conditions. (2) an instrument executed by a Trustee on behalf of the Trust to convey ownership of property from the Trust to another entity, which differs from a Warranty Deed in that no warranty of title is included.
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Trustee - A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another. The trustee is one placed in a position of responsibility for another, a responsibility enforceable in a court of law. (See deed of trust.)
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Truth-in-Lending - A federal law requiring disclosure of the Annual Percentage Rate to homebuyers shortly after they apply for a loan. Also known as Regulation Z.
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